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Stock Market & Financial Investment News

News Breaks
December 21, 2012
17:05 EDTWTRAqua America subsidiary to adopt repair tax accounting change in 2012
Aqua America announced that it intends to adopt the repair tax accounting change for its Pennsylvania subsidiary on Aqua America's 2012 federal income tax return to be filed in September 2013. This change, which the company previously announced it was evaluating, allows a tax deduction for investments that were formerly capitalized for tax purposes. The company will use flow-through accounting for the tax benefits of the repair tax accounting change per its previously disclosed Pennsylvania rate order from June 2012. The proposed action is a frequently implemented tax benefit that has been used by numerous companies, including utilities in recent years.
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September 8, 2014
17:39 EDTWTRAqua America unit acquires assets of Caroline Water Company
Aqua America announced that its Virginia subsidiary has purchased the water system assets of the Caroline Water Company in Caroline County. The system serves about 3,000 people in the Lake Caroline community in Ruther Glen, Virginia. The Caroline Water Company is Aqua’s ninth regulated utility acquisition so far this year. Aqua paid $1.1M for the water system and plans to spend approximately $1.9M over the next 5 years for capital improvements to the system including major investments in the water treatment plant. Lake Caroline is Aqua’s second surface water plant in Virginia. The plant has been offline since April 2009, and Aqua will install a new water treatment plant and a bulk water storage tank to bring the system into compliance. Currently, water is purchased through an interconnection with the county water system. Lake Caroline is about one mile south of Aqua’s Lake Land’Or water and wastewater systems and provides a cost-effective tuck-in opportunity.

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